Ukraine's National Bank reschedules introduction of IBAN

The move is caused by the need for banks to adjust their remote customer service software.

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The National Bank of Ukraine (NBU), in response to a request from the banking community, has postponed the introduction of the international bank account number IBAN from April 1, 2019 to August 5, 2019.

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The move is caused by the need for banks to adjust their remote customer service software, the regulator said on its website on February 25.

On August 5, customers will be able to open new IBAN accounts at banks, and their current account numbers will be changed in line with the new standard, while the current number of analytical accounting will not change.

It is also reported that the use of IBAN will become mandatory for customers of all banks across Ukraine when making remittance from November 1. In addition, from August 5 to October 31, bank clients will be able to specify both an existing account number (as well as a bank's SWIFT code) and an IBAN number in details of their payment documents.

UNIAN memo. The introduction of the international bank account number (IBAN) will harmonize the Ukrainian payment system with the European one, as well as contribute to the further planned modernization of the National Bank's e-payment system.

In addition, the regulator plans to introduce payments using QR codes containing an IBAN number, which will facilitate the payment of bills and the exchange of payment information.

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